Project partners Shell and Eneco have also agreed to each buy 50% of the electricity produced from the site, located 22km from the Netherland’s North Sea coast.

Van Oord, meanwhile, will act as the project’s balance of plant engineering, procurement and construction contractor.

"Offshore wind has the potential to be by far the largest renewable resource in north-west Europe.

"Borssele III & IV will allow us to demonstrate our expertise and experience of large, integrated offshore projects," said Shell’s executive vice president of its new energies business unit, Mark Gainsborough.

Kees-Jan Rameau, chief strategic growth officer at Eneco, said: "The financial close of Borssele III & IV is an extraordinary milestone. It means that even at this record-breaking low subsidy level, our offshore wind project is attractive enough to allow adequate returns for the equity and debt financing."